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It is also available to Koreans such as online luxury shops and Hainan duty-free shops.

China is already the world’s largest consumer of luxury goods. The global luxury market is estimated to be $300 billion, with more than one-third (35 percent as of 2019) coming from Chinese wallets, 70 percent of which are purchased while traveling abroad. The so-called $70 billion purchase of luxury goods means that Chinese people are traveling abroad. However, despite the outbreak of the new coronavirus infection (Korona 19), Chinese people’s desire to buy luxury goods is showing a strong rebound.



In the case of Italian luxury brand Prada, sales in China are said to have surpassed the level before the Pandemics broke out in 2020.



Hong Kong’s South China Morning Post (SCMP) reported on the 16th that Chinese consumers have begun a new challenge to luxury shopping such as jewelry and watches at a time when it is almost impossible to travel abroad or shop in 2020 due to Corona.



“Before Corona started, I traveled abroad several times a year or spent several months overseas on vacation,” said Leiche, who lives in Shenzhen, southern Guangdong Province, along with her husband, who runs an 레플리카 e-commerce company. “In 2020, we have shifted to buying more watches, diamonds, and gold to soothe the sadness of not being able to travel abroad.”



There is a phenomenon of seeking one’s happiness through the purchase of luxury goods under the so-called “housecock.” A survey showed that even if the so-called overseas trip is not possible, the “consumption desire” to purchase luxury goods will not be dampened.



The luxury division of global management consulting firm Bain and online retailer T-mall reported that sales of luxury goods in China jumped 48 percent to 346 billion yuan ($53.5 billion) in 2020.



According to the report, China’s global market share in online distribution nearly doubled to 20 percent in 2020, of which leather bags and jewelry rose more than 70 percent. The number of ready-made clothes has increased by more than 40 percent, luxury beauty has increased by 25 percent, and wrist watches by more than 20 percent.



According to the “2020 Quality Life Report of the Upper-Class Chinese Asset Class” released by Fortune Investment Advisory, there are about 1.58 million high-value assets (at least 10 million yuan of investmentable assets) in China in 2020, and their average household spending in 2020 is 1.75 million yuan (about 300 million won).



Domestic premium shopping malls, hotels and car dealers evaluate that the industry has recovered significantly in the second half of 2020.



Sales at duty-free shops in China’s Hainan Island rose 191.6 percent year-on-year to 19.99 billion yuan in 2020.



As a result, it is analyzed that Koreans such as online luxury shops and Hainan duty-free shops are buying them at a time when Chinese people are not able to travel abroad.

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